Billionaire investor Barry Diller was recommended for an unlimited license by the Nevada Gaming Control Board on Wednesday, 24 months after regulators allowed him only a limited two-year license amid an insider trading investigation.

Diller, 82, who has a net worth of $4.2 billion according to Forbes, is a board member of MGM Resorts International. He is chairman of IAC/Interactive Corp., a holding company with more than 150 digital products and brands including People Magazine and The Daily Beast. IAC is the largest shareholder of the Las Vegas-based casino giant, having increased its ownership from 14 percent two years ago to nearly 20 percent.

The Nevada Gaming Commission will make a final decision on the license at its May 16 meeting in Las Vegas.

MGM Resorts attorney Sean McGuinness told the control board that the Securities and Exchange Commission (SEC) informed Diller’s representatives Tuesday that it had closed an investigation into the insider trading matter with the recommendation that no enforcement action be taken.

Two years ago, Diller and two others were under investigation for insider stock trading in which they reportedly realized a $60 million profit, according to The Wall Street Journal. 

“We simply thought it was an interesting investment,” Diller told the control board Wednesday. “As I said before, I've been involved in corporate affairs and corporations for very many decades, and I've never traded on insider information. I wouldn't do this.”

However, control board member George Assad raised concerns that the matter could still be reopened by either the SEC or the Department of Justice (DOJ) and he wanted to limit Diller’s license to three years.

“The DOJ case is still ongoing. This letter indicates that nothing is precluding the SEC from further investigation,” Assad said.

Andrew Nussbaum, a New York-based attorney representing Diller, told the control board the letter contained standard SEC language allowing for the possibility of future investigation.

Control Board Chairman Kirk Hendrick and board member Brittnie Watkins disagreed with Assad’s recommendation for another limited license. They agreed, however, that Diller’s license should include a condition that he notifies gaming regulators within 48 hours of any changes, such as an investigation being reopened.

Watkins, who was on the control board two years ago when Diller was initially approved, said Diller and his attorney have kept the board continually in the loop on any communications with the SEC and Justice Department. 

“I expect that he will continue to do that,” Watkins said. “He's already agreed to do that on the record. So I don't I don't know if this condition would be a significant difference for him.”

The 2022 insider trading news broke a week after the control board recommended Diller’s approval for an unlimited gaming license. The gaming commission postponed its hearing after state gaming agents reopened the investigation. Following a contentious hearing three months later, commissioners approved Diller for a two-year limited license while the charges were still being investigated. 

Diller, who testified Wednesday by video conference, said he has “learned a good deal about [MGM Resorts]. I came to respect it and I came to be fascinated by its business and its possibilities. I've been on the board of directors and I've participated fully in their affairs for the last couple of years.” 

Hendrick, who was not on the board two years ago, defended the commission’s 2022 decision to grant Diller a two-year limited license.

“It did not question your character. It was simply an unknown that we gave a limited license,” Hendrick said. “A limited license that is not out of the ordinary. That's something that we do.” 

Diller said he was very happy about receiving a letter on Tuesday that the SEC concluded its investigation. 

“I don't care about the confidentiality of that letter. I'm happy for it to be published in The New York Times,” Diller said.

Diller, entertainment mogul David Geffen and Alexander von Furstenberg — the son of Diller’s wife, fashion designer Diane von Furstenberg — were being investigated by federal prosecutors over stock purchased in Activision Blizzard Inc. in January 2022, days before the video game developer agreed to be acquired by Microsoft Corp. 

According to the article, the three realized a $60 million profit when the firm was sold a few days after the purchase. Diller, in a 2022 interview with The Wall Street Journal, referred to the transaction as “simply a lucky bet,” saying none of the men had any material, nonpublic information about the deal. 

“I appreciate coming before you again,” Diller told the control board. “I think after the two years it seems to have come to a conclusion and I hope that you will consider what has taken place and that we can proceed.”